Dalian readies new offshore shipping fund

Dalian: Dalian Port & Shipping Fund Co, an industrial fund company with a local government background, is planning an offshore fund, SinoShip News can exclusively reveal. China Ports & Shipping Fund has interests in bulk shipping and the offshore engineering sector. The fund has already established a new chemical shipping company, Dalian Hezhong Shipping in October.

China Port & Shipping Fund, which is about to set up, will be organized as a BVI exempted limited partnership, the first round funding will be up to US$150m and the partnership term will be 10 years.

“Although currently bulk shipping market is at its bottom affected by the sluggish global economy, in the long term, bulk cargoes like iron ore, grain, oil are the milestones of China’s national economy, there is a rigid demand. We see it as a periodic industry, I think it will gain growth slowly in the next five years,” a director from Dalian Port & Shipping Fund told SinoShip News. [16/11/12]